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Legend Power(R) Systems Reports Q1 F2023 Financial Results
Vancouver, British Columbia--(Newsfile Corp. - February 24, 2023) - Legend Power® Systems In...
About this update from Legend Power Systems Inc.
[{"type":"text","content":"Legend Power(R) Systems Reports Q1 F2023 Financial ResultsVancouver, British Columbia--(Newsfile Corp. - February 24, 2023) - Legend Power® Systems Inc. (TSXV: LPS) (OTCQB: LPSIF) (\"Legend Power\" or the \"Company\"), a global leader in commercial electrical system solutions, reports its financial results for the three months ended December 31, 2022 (\"Q1 F2023\"). The Company has also scheduled a conference call to provide a business update to discuss its Q1 F2023 financial results today at 11:00 AM ET (8:00 AM PT) (details below). The call will be hosted by Randy Buchamer, President & Chief Executive Officer. A complete set of Financial Statements and Management's Discussion & Analysis has been filed at www.sedar.com. All dollar figures are quoted in Canadian dollars.Q1 F2023 HighlightsRevenue of $403 thousand versus $169 thousand in Q1 F2022 Adjusted EBITDA loss of $849 thousand versus a $1.01 million loss in Q1 F2022Net loss of $1.01 million versus a $1.23 million loss in Q1 F2022Cash of $2.06 million, no debt, and $4.25 million in working capital at December 31, 2022Shipped two SmartGATE systems, completed three installations, and received an order for ten units in the quarter, which will be recognized into revenue in the coming monthsSubsequent Events Green Proving Ground program for the United States General Services Administration, which operates approximately 1,800 federally owned buildings is proceeding well and advancing towards next stepsRealizing the benefits of the increased selling prices and new payment plan implemented in FY22The Company has multiple channels driving results. The current sales booking pipeline is stronger than ever and tracking to meet or potentially exceed target expectations for 2023 \"We had another very successful quarter with many new large opportunities continuing to advance in our sales funnel,\" said Randy Buchamer, Legend Power Systems CEO. \"These opportunities build on the strong pipeline coming into Q1 and include deals with ESCO's, commercial real estate companies, government agencies and electrical distribution companies. It is now evident that our sales and power analysis process is enabling us to speak directly to the C-suite about the benefits of Active Power Management and Legend's solutions to reduce greenhouse gas emissions, save electricity and most importantly...